It was easy to know the SELL of this week with a simple chart analysis - page 3.

BitDane

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Quote from: goaldigger on May 13, 2023, 05:38:26 PM

They are all waiting for that $12k price but i think $20k will be the lowest price for this down trend, just take it or leave it. Bitcoin is down, many are still wondering for the real bottom and i guess doing DCA right now is a good idea, hard to tell where the price is heading actually. TA might tells us a strong support, but then again it can still break so be cautious and know when to buy and sell.

I am in doubt that the Bitcoin market will touch $20k, I also think that the market will start to recover since the problem with TX fee is somehow diminishing. This may change the bearish sentiment into bullish because transacting with Bitcoin will go back to normal again. But in case it did @OP would benefits a lot in this scenario since he can reaccumulate his holdings and will have a better position and more holdings assuming he shorted and use both the fund and profit to reaccumulate Bitcoin if ever it dips more.

goaldigger

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Quote from: rhomelmabini on May 13, 2023, 08:12:32 AM

Quote from: yhiaali3 on May 13, 2023, 05:47:34 AM

Most likely the next strong support point will be at 25k, I don't expect the price to drop to $19,501 for the time being at least.

I agree it's the next strong support as well but it isn't impossible if we can hit that long wick at $19k, I don't really doubt that scenario. The huge shorters are aiming at $12k but that's the unlikely support I am doubting although I won't hate that it's juicy to have that kind of price again.

They are all waiting for that $12k price but i think $20k will be the lowest price for this down trend, just take it or leave it. Bitcoin is down, many are still wondering for the real bottom and i guess doing DCA right now is a good idea, hard to tell where the price is heading actually. TA might tells us a strong support, but then again it can still break so be cautious and know when to buy and sell.

DeathAngel

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Short term price calls are always so hard to get right regularly. That's why I trade after long term holds only. As bitcoin still reacts to 4 year halving cycles it is a lot easier to know what to do & when, rather than trying to follow lines on a chart & different models. Of course it’s fine to take advice & bits of info from different models but short term trading is very easy to get rekt. To conclude, no selling until a year after the halving, buying now is fine.

rhomelmabini

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Quote from: yhiaali3 on May 13, 2023, 05:47:34 AM

Most likely the next strong support point will be at 25k, I don't expect the price to drop to $19,501 for the time being at least.

I agree it's the next strong support as well but it isn't impossible if we can hit that long wick at $19k, I don't really doubt that scenario. The huge shorters are aiming at $12k but that's the unlikely support I am doubting although I won't hate that it's juicy to have that kind of price again.

yhiaali3

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Most likely the next strong support point will be at 25k, I don't expect the price to drop to $19,501 for the time being at least.

In any case, no one can predict accurately, but in the event of the worst scenario, it will be a good point to reaccumulate more bitcoin for those who missed the cheap prices. We still have almost a full year ahead of Halving, as everyone expects a big rise, so I think it is a good opportunity.

Husires

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The previous technical analysis missed another factor, which is transaction fees. It has risen sharply in the previous days, which will force anyone who wants to buy or sell to think about stopping it for a week or two until things improve a little. It is also a profit for the miners, as the blocks are now almost full, which It means more profits, all of which will put pressure on the price to move down a little below the $30,000 levels on average for the coming weeks.
Returning to less than $19,000 is currently excluded, so we will remain between 22,000 and 29,000 for the coming weeks, most likely.

Binance halts bitcoin withdrawals twice in a day,

I don't think it's smart to sell at $27K as a bearish position in an uptrend.

michellee

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I'm still in the stage of waiting for Bitcoin price to improve again and I'm also still trying to buy more Bitcoin. I see we are still given the opportunity to buy bitcoin because bearish is still happening in the market. And this time, the bears made the price decline even deeper.

And I have also sold some of my satoshis before and plan to buy them again at a lower price. And if the price does drop again next week, we can use that to our advantage.

But it's not difficult to determine when we can sell because it depends on us. But if we really need money to make ends meet, we will not think long about selling Bitcoin at the present or later price and will sell it immediately.

boyptc

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That's good if you've sold before the plummet and that's really gonna give you some pride on it. Well, keep on doing a good job and now you'll be looking for a nice reentry anytime from now on.

We're not always accurate when we predict the market with the chart analysis(TA) and we have to look also the side of fundamentals. Well, right now I guess that the fees have been also stopping this trend of plummeting.

And that's because the transactions have been dropping as well but it seems that the fees have gone low and this will make the demand higher again. We will see.

adaseb

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I still don’t think we topped for the year. It was a slow grind up which I can see it continue until 40K or So. Why we dumped today might be due to Binance leaving Canada. It’s not a large market but it shows how regulations are cracking down. And this leads to Binance eventually leaving the US most likely.

We also got issues with the debt ceiling and there is still inflation and the rate hikes. Way too many issues going around to pick a top but I still think we will grind up higher and maybe top in Summer or Fall.

BitDane

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Quote from: EarnOnVictor on May 12, 2023, 11:55:49 AM

I didn't flinch a bit since I started selling Bitcoin on Monday. This is not because I often make accurate analyses but because of the high assurance I have on the selling for the week. And as my simple chart reveals, only price action, trendline and RSI did the trick and was a good success.

Not only TA shows the sign of that selling is a good option for trading but fundamentally, looking at the current state of Bitcoin transaction, the congested network and the high fee simply shouts short trading. The current network crisis obviously will affect the bitcoin market negatively especially when this problem is prolonged. We might see the price of Bitcoin plummeting in the following days.

Quote from: EarnOnVictor on May 12, 2023, 11:55:49 AM

When will the bearish bias last?

That I can't say for sure, but as a trend trader, I see further selling of Bitcoin in the near term and the $19,501 (low of March) is the only immediate noticeable target on the weekly chart.

Tell me your opinion about this and the current situation of Bitcoin from your angle.

The scenario is possible looking at how the developer is taking too long to discuss the possible solution to these Bitcoin NFT transactions. The longer the network congestion and transaction increase stay, the lower the demand for Bitcoin will be plus the bearish sentiment that can lurk the market due to disappointed holders.

dragonvslinux

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The problem is your downtrend line is simply based on the last few weekly candles, with a coincidental connection to ATH. As you know based on your previous analysis, Bitcoin has already broken out of it's long-term downtrend based on it's resistance trend, even re-testing it as support around $20K. As for why the price has been declining in recent weeks? Because price reached the resistance zone around $30K, not much else.

As for whether the most recent breakdown from $27K was a good selling opportunity? I'm not so convinced. Already today price is bouncing from the 200 Week MA around $26.1K and therefore we may not see a re-test of even $25K, let alone lower levels. Of course the real test will be getting back above $27K that could act as resistance, as well as $28K that is now distribution, but overall selling a breakdown of $27K was never clear-cut as a bearish position, but instead risky in an uptrend. The problem generally right now for the bears is that while $27K was a support that was broken, there is still support nearby around $25K to $26K.

And if Bitcoin get's above these crucial levels, it could easily melt faces against and liquidate most of the bears who are targeting $15K-20K levels, that I personally think is way too optimistic.

milewilda

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Quote from: EarnOnVictor on May 12, 2023, 11:55:49 AM

When will the bearish bias last?

That I can't say for sure, but as a trend trader, I see further selling of Bitcoin in the near term and the $19,501 (low of March) is the only immediate noticeable target on the weekly chart.

Tell me your opinion about this and the current situation of Bitcoin from your angle.

Not a really fan on TA but seeing these kind of analysis and point out then it could possibly happen and now we are really that already playing around 25k+ and if its gets worst then 19k would be probable but i do believe that it would really be still needing some kicked up news or catalyst which would push up down the price even way more lower. We arent all aware on whats the cause on the current decline of price but one things for sure that this one would be connecting with the current high fees or that BRC but here's another one.

Bitcoin Price Plummets to $26,200, Nearing $25k Mark as Worried Investors Seek Catalysts: Is BTC Destined to Hit $20k? Report
https://www.crypto-news-flash.com/bitcoin-price-plummets-to-26200-nearing-25k-mark-as-worried-investors-seek-catalysts-is-btc-destined-to-hit-20k-report/

Possible? Yes or No. We do know that fundamentals could really be that significant sometime. Tongue

Wiwo

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Bitcoin price speculation is one of the hardest jobs in stock. Exchange analysis and for that bitcoin volatility, have allowed everyone to take advantage of DCA market accumulation which grants most investors who can rightly speculate the market to make constant gains from the market.

But we must note that the year is still in its first quarter, And before we make a conclusion on the price ATH price of Bitcoin stamping it at 30900 we should note that there are still possibilities of Bitcoin reaching another all-time high that will be above the last 30k+.

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EarnOnVictor

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I didn't flinch a bit since I started selling Bitcoin on Monday. This is not because I often make accurate analyses but because of the high assurance I have on the selling for the week. And as my simple chart reveals, only price action, trendline and RSI did the trick and was a good success.

It's worth mentioning that Bitcoin has been dramatic after hitting the year-high of $30934 in April. I was able to notice a barrier at that time, which made me draw the simple trendline since the 16th of April, and ever since then the market was unable to breach the level higher and has been a guide for my weekly speculations.

I retrained from taking any position when the price action was positive under the trendline, particularly last week when the market was ranging. This happens until last week's candle closed negative below the trendline and a new negative price action was hence activated, which coupled with the confirmation of the weekly chart's RSI.

upload img

When will the bearish bias last?

That I can't say for sure, but as a trend trader, I see further selling of Bitcoin in the near term and the $19,501 (low of March) is the only immediate noticeable target on the weekly chart.

Tell me your opinion about this and the current situation of Bitcoin from your angle.

Topic: It was easy to know the SELL of this week with a simple chart analysis - page 3. (Read 556 times)